Guideline Value for Parri Street

Parri Street guideline value

The current guideline value of Parri Street in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Parri Street has changed

The guideline value of Parri Street has seen several revisions over the years. In the 2007 revision, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, this figure dropped to Rs 1,340 per sq.ft in the 2017 revision before rising to Rs 2,000 per sq.ft again in 2023. The current guideline value of Rs 2,160 per sq.ft reflects an 8% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, while the increase from 2017 to 2023 was 49%. The overall change from the 2007 revision to the 2024 revision shows a remarkable increase of 764% in the guideline value for Parri Street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which is equal to the current guideline value of Parri Street.

• Parimala Layout: Rs 1,100 per sq.ft (2024)
• Paramasivam Nagar: Rs 2,160 per sq.ft (2024)
• Pandian Street: Rs 2,160 per sq.ft (2024)
• Panchayat Market Colony Road: Rs 1,100 per sq.ft (2024)
• Panchayat Market Colony Lane: Rs 1,100 per sq.ft (2024)
• Pattammal Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Parri Street

For a 1,000 sq.ft plot at the current rate of Rs 2,160 per sq.ft, the guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, resulting in a total of Rs 1,94,400. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Parri Street?

The Sub Registrar Office that covers Parri Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Nemilicherry

The guideline value is a crucial factor in property transactions in Nemilicherry, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration office uses it to calculate applicable stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair price, reflecting the area's market conditions. It helps maintain transparency and accountability in property dealings, ensuring that all parties adhere to the legal requirements set by the registration authorities.

Frequently asked questions

What is the current guideline value of Parri Street?

The current guideline value of Parri Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 764% over the years.

What is the land classification of Parri Street?

Parri Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Parri Street?

The Sub Registrar Office for Parri Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Parri Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 at a rate of 7%.